With a population of 4,436,258, Alberta is an excellent province for anyone looking to start a business. It has numerous cities full of lively activity, offering countless opportunities to business owners, no matter the industry. But starting a new business comes with lots of challenges, which is why many aspiring entrepreneurs look for businesses for sale in Alberta.
If you buy a business that has been operating for a while, you can avoid plenty of challenges that might otherwise stand in the way of realizing your vision.
An established business already has a loyal customer base, a cash flow, and a team of experienced employees who know how to retain existing and attract new customers. It also has suppliers who would probably like to continue their relationship with the business.
The necessary equipment for all daily operations is in place as well, as well as the reputation that the previous owner worked hard to build.
These are but a few advantages that are certainly enough to make you consider buying an established business in Alberta, but that endeavour can also be a bit overwhelming unless you know where to look.
Finding the right business to buy can be cumbersome and time-consuming because not every business out there will tick all your boxes. And if you rely on incomplete online and offline listings, you could spend months trying to find the right one for your needs.
That’s why it’s a good thing you’re here. At FindBusinesses4Sale, you can shorten the road and locate the perfect establishment for your unique requirements. All you need to do is join our free online marketplace that brings together business buyers, sellers, brokers, and franchisers to help expedite their buying/selling process.
Let’s see how you can find your dream business for sale in Alberta, and how we can assist you on that journey.
How to Find a Good Business for Sale in Alberta
As you may already know, browsing through business listings can take months. You’d have to be the luckiest person on the planet to locate an excellent business for sale as soon as you start looking.
If you don’t have some good connections and expert advisors to rely on, most of your searches could yield a simple waste of time. Without some proper guidance, your dream business could even slip through your fingers while you’re busy looking in the wrong direction.
Merely thinking about all of this can be quite exhausting. That’s exactly why we launched our online marketplace.
FindBusinesses4Sale is a platform with an extensive database of detailed business listings. Each listing contains all the relevant details you’ll ever need to make an informed decision. And if you’d like to learn more about any business listed here, you can reach out to any seller via our messaging centre and get answers to all your questions.
You don’t have to worry about any costs while using our platform because it’s entirely free for buyers. As soon as you register for an account, you can start enjoying our advanced search features without paying a dime.
We’re not here to try and make a quick buck and give you one more thing to worry about. We’re here to eliminate your worries, save you time and money, and help shorten the path you take to reach entrepreneurial independence. Our top priority is connecting interested buyers with motivated sellers to help streamline their buying/selling process.
Learn More About the Business Market in Alberta
Alberta has a thriving business market that attracts both domestic and foreign investors. It offers numerous lucrative opportunities for running a business in any industry or niche.
Some of the biggest reasons why the market keeps growing strong are the province’s continuous efforts to support businesses through economic growth programs.
One of the recent programs is the Innovation Employment Grant (IEG), aimed at small and medium-sized businesses that invest in research and development (R&D). It offers a favourable grant of up to 20% of qualifying expenditures, ensuring that every eligible business with R&D spending in the province gets the necessary wind at its back.
Encouraging economic growth through various programs for supporting local businesses isn’t the only benefit to look forward to as a business owner in Alberta.
The province has an abundance of bustling communities with historical landmarks, awe-inspiring museums, beautiful parks, and many other attractions. That’s why it’s perfect for businesses in a wide range of categories, such as:
- Retail
- Hospitality
- Food
- Beauty and personal care
- Healthcare and fitness
- Communication and media
- Entertainment
- Automotive and boat
- Technology
- Pet services
- Travel
- Financial services, and more.
No matter what industry or niche you’re interested in, you can be sure it has a thriving market in Alberta. This Canadian province is one of the best for business owners, making your search for the right business for sale that much easier.
Perform a SWOT Analysis
A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is one of the most useful tools for making a good purchasing decision. By identifying your strong and weak areas, opportunities, and threats, you can understand what kind of businesses suit you best and how to make the most of the one(s) you buy.
This analysis will help you make strategies for building on your strengths, turning your weaknesses into strengths, seizing lucrative opportunities, and minimizing any concerns regarding your skills and competitors.
For instance, you may be innovative, determined, hard-working, and creative, which can help you run a business in the hospitality industry, such as a restaurant. However, management may not be your strong suit, and you may be a serious procrastinator. You’d have to work on those weaknesses, such as hiring an expert management team, if the business you buy doesn’t have one already.
Some of your opportunities may be a unique menu and an ability to offer competitive prices without sacrificing quality. As for threats, you may be concerned about your procrastination leaving room for competitors to get ahead of you.
Whichever the case, it’s critical that you’re entirely honest with yourself. That’s the only way for a SWOT analysis to be useful and help you make the right decision.
Once you get everything on paper and set your eyes in the right direction, start delving deeper into the vast market in Alberta. Pick the best city for your desired industry or niche, and learn more about the competition and target customers. If there’s an abundance of competitors, don’t let that discourage you. Instead, look for ways to be better, stand out, and gain a competitive edge.
But even if you fall in love with a particular established business for sale in Alberta, you may not have the necessary budget to buy and run it. That’s another obstacle to consider, which is why you’ll probably look into various financing options.
When considering particular business loans, keep in mind the possibility that your business endeavour might fail. You can’t predict the future, and you wouldn’t want to end up in debt if that happens. Play it smart, and have a contingency plan in place to make sure you can repay any potential debt. Being prepared will save you many headaches down the line.
Independent Businesses vs. Franchises
Now that you know what kind of business suits your needs best, it’s time to think about what type of business model you’d like to invest in.
Would you be interested in running an independent business and having the freedom to upgrade the existing products or services based on your unique vision or changing market conditions? Or would a franchise be more up your alley, with the parent company making all the important product decisions, marketing strategies, and what-not?
Let’s explore some of the biggest differences between independent businesses and franchises so that you can know which one to choose.
Independent Businesses
Most aspiring entrepreneurs start or buy a business to be their own boss. If you, too, strive for business independence, then buying an independent business in Alberta is a no-brainer.
You would have full control of the company and the freedom to change anything about it in any way you want. If you come up with a more memorable logo or even a better name, you can change it anytime.
You can develop unique marketing strategies, tap into new markets, improve the products or services, change the pricing model, and much more. You can rebrand anytime to refresh your company’s look and feel, stay relevant, and create new growth.
Most importantly, you wouldn’t have to share profits with anyone. All the revenue and profits you generate would be yours to allocate and spend any way you’d like.
However, running an independent business is risky. It can be particularly difficult if you haven’t done it before. There’s no franchisor to turn to when things get tough, knowing they’ll arm you with tried-and-true methods for staying in operation and maintaining a positive cash flow.
That said, you may have some tricks up your sleeve that can help you run a successful business. You may even know how to turn a failing business into a profitable one. In that case, it might be a great idea to buy an underperforming company with the goal of getting it back on its feet.
If you want to stay on the safe side, you can buy a high-performing business and work on keeping its performance metrics high. It might be more expensive to buy it than any of its underperforming counterparts, but the risks would be considerably lower.
Franchises
If you buy a franchise, you won’t be your own boss. You won’t have the freedom to make changes to the products, services, branding, marketing, or anything else regarding the business. You won’t be in full control.
As a franchisee, you have to follow the parent company’s rules regarding its brand, business model, intellectual property, daily operations, marketing, advertising, and more. You have to pay an initial fee for the rights to sell its branded products or services, and you also need to share the profits.
But being a franchisee comes with its set of advantages as well. Everything is already in place, from the product line and loyal customers to marketing and business reputation. You don’t have to develop any strategies or lift your finger to work on upgrading the business. You can jump right in and engage in established processes.
Another benefit is that some franchisors offer business loans and other types of financial assistance to their franchisees. So, that’s one less thing to worry about and one more thing to look forward to.
Things You Need to Know When Looking for Businesses for Sale in Alberta
Once you know what type of business you want to invest in and whether you’d like to buy a franchise or an independent company, it’s time to start exploring the available businesses for sale in Alberta.
There are many factors to consider when browsing through the listings, so make sure you don’t leave a single stone unturned. Evaluating all the aspects of an organization will help you make the right purchasing decision.
Here are some of the most important questions to ask.
One of the first things that typically pop to mind when someone is selling a business is that it’s failing miserably. Although that does happen, it’s not always the case.
The owner of the business you’re eyeing may be looking to retire, start a new business in another industry or niche, or launch one in a different city. They may have grown tired of running an independent business and decided to become a franchisee.
Whatever the reason for selling the business, make sure you know it before signing on the dotted line. You wouldn’t want any surprises down the road that could make you regret buying the business. That said, if the business is indeed failing, you should know about all the problems in advance to decide whether you’d want to resolve them or move along with your search.
A business may look good on paper, but its reputation may not be what the owner wants you to believe. Perhaps it had an excellent cash flow for years, but poor customer service hurt its reputation and negatively affected the cash flow over the past year.
Unethical behaviour, lying to customers, responding negatively to negative feedback and reviews, workplace discrimination, and many other factors can severely damage a company’s reputation.
Granted, you can build a stellar business reputation by going the extra mile with both customers and employees. But going through all the trouble of improving a damaged reputation might take away precious time that you could focus on growing your business.
Location plays a vital role in business. If the one you buy attracts a lot of foot traffic, you’ll have better chances of generating more ROI and growing your company. If the location isn’t close to your target market, you’d have to come up with ways to attract and engage them in your brand.
Keep in mind that locations near the city centre or any popular attractions tend to be more expensive than those in, say, suburban areas.
Having a lot of foot traffic doesn’t necessarily mean the location is the right one for attracting your target market. Your target customers may be miles away from your establishment.
While some of them may not mind spending time to get to your location, if that means getting high quality, it’s unlikely that all of them would be willing to do the same. So, put the target market’s location high up on your priority list when choosing the right business to buy.
When a business for sale comes with a team of employees across all departments, your job as a new owner is a lot easier. You don’t have to go through the time-consuming hiring process. You can ensure the staff is experienced and highly skilled and retrain them if necessary.
If you do take over a business with a team already on board, learn about their strengths and weaknesses to understand how they can help the business thrive. But if you’d like to start with a new team, there are numerous businesses for sale in Alberta without employees.
Company culture is quite an important factor to consider when buying a business with employees in place. It’s crucial that they have shared values and goals and that they work in unison to realise the company’s vision.
Positive company culture is motivating and makes employees genuinely happy in the workplace. And we don’t have to remind you that happy employees are productive employees who reflect their job satisfaction and positive vibes to customers.
Businesses for Sale in Alberta – Checklist
Putting everything on paper is the best way to ensure you find a business that meets all your criteria and helps you realize your vision.
Making a checklist will help you get the big picture regarding your desired company’s every aspect, including potential risks. That way, you can find ways to safeguard it and ensure its long-term success.
Every aspiring business owner has unique needs, requirements, and goals, but the following checklist can work for anyone searching for businesses for sale in Alberta:
- Explore your financing options
- Obtain proper business insurance
- Evaluate all business licences, permits, and contracts
- Check the company’s legal status
- Check the financial statements
- Check the tax records
- Conduct thorough market research
- Analyze the customer base
- Assess intellectual property, if any
- Evaluate the physical assets
- Get the list of employees and suppliers
- Inspect the premises
Make sure you check off all these crucial steps, preferably with an expert’s help. Hire an agency, a broker, or any other professional who can ensure you buy the right business without missing anything important.
Businesses for Sale in Alberta – Tax Information
Paying your taxes on time and in full is key to avoiding hefty fines or getting into legal trouble. Fortunately, Alberta has some of the lowest tax rates for businesses.
As of July 1, 2020, Alberta’s corporate income tax rate is 8%, while the small-business income tax rate is 2%.
According to Alberta’s 2021-24 Fiscal Plan, its federal-state/province corporate income tax rate amounts to 23%, which is 30% lower than the next lowest province.
Thanks to the $13.3 billion tax advantage, you’ll pay less in overall taxes, compared to other provinces.
There also may be certain tax exemptions to look forward to, depending on what type of business you buy. It would be smart to hire an experienced accountant who can look into said exemptions and help you stay on top of your taxes.
Best Places to Buy a Business in Alberta
Some of the best places to buy a business in Alberta are Calgary, Edmonton, Red Deer, Lethbridge, St. Albert, Medicine Hat, and Leduc. Those are some of the most populous cities in the province, which means there are plenty of growth opportunities.
Of course, there are many more remarkable cities for running a business in any industry or niche. But if tapping into a large audience is your goal, the cities above might be your best bet.
Find the Right Business to Buy at FindBusinesses4Sale
FindBusinesses4Sale provides a large directory of detailed business listings across various industries and verticals. To simplify your search, we provide advanced search features, including saving your searches and setting email alerts for new listings that match your criteria.
As soon as you complete your free buyer registration, you’ll receive a free business-buying guide, and you’ll be able to enjoy all the features for free. You’ll also get free access to our Business Value Calculator.
You can search for businesses for sale in Alberta by:
- Keywords
- Location
- Business category
- Price
- Annual gross revenue
- Annual cash flow
- Year of establishment, and many more filters.
If you need more information on a listing, you can contact the seller via our internal messaging centre. You can also post “Business Wanted” ads for free to attract interested brokers and sellers.
Join our growing community at FindBusinesses4Sale today, save time and money, secure your dream business, and unleash your financial independence!
